Brent crude futures were at 71.43 dollars a barrel at 0700 GMT, down 19 cents or 0.3 per cent from their last close and further away from Wednesday’s five-month high of 72.27 dollars a barrel.
“The unexpected drawdown in U.S. commercial crude oil stocks was balanced by lower-than-expected withdrawals in the country’s gasoline and distillate inventories,” said Abhishek Kumar, Head of Analytics at Interfax Energy in London. Prices have been supported this year by an agreement reached by OPEC and its allies, including Russia, to limit their oil output by 1.2 million barrels per day.Iran’s crude exports have dropped in April to their lowest daily level this year, tanker data showed and industry sources said, suggesting a drawdown in buyer interest ahead of expected further pressure from Washington.
vanguardngr This price still feels like a windfall considering the prices in 2015.